Mortgage with low down payment?

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Can anyone in the mortgage industry tell me what low down payment programs still exist today? I have good credit (740 as of a month ago), but only have enough cash for a 3-5% down payment. I am a first time home buyer and I am aware of the FHA programs. Is it easy to get an FHA loan? Are there other loan programs I may qualify for? I am very sick of apartment living. Thank you for any guidance.
As for closing costs, can’t they be rolled into an FHA loan?

  1. Reply
    Steve D
    April 30, 2011 at 1:19 am

    Unless you are a Vet, FHA now has about the lowest down-payment program at 3.5%. When you consider buying, don’t forget to add in closing costs, which can average another 3 – 5% of the cost of the house unless you can get the seller to help.

  2. Reply
    Ed Atun
    April 30, 2011 at 1:32 am

    CLosing costs can be rolled into a refinance when you are already living in your home. Otherwise they must be paid in cash in closing.
    If you buy a house in a rural area (lots of farms nearby), the US Dept of Agriculture offers zero down payment loans which allow the seller to pay all your closing costs.
    In town, you would be looking for homes that have no mortgage currently. You ask the seller to accept an IOU for the entire purchase price. No money down. You get the deed. If you do this, you must promise to make the payments to the previous owner. Otherwise they were wrong to trust you..

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